The city is also trying to woo young residents: Old downtown commercial buildings are being converted into condo buildings with retail shops,restaurants and cafes.

For those looking to buy, homes are relatively cheap. The median home price in the metro area was $122,000 during the first quarter -- well below the national average.

First published June 23, 2015: 11:06 AM ET

Source: National Association of Realtors Rankings were based on employment data, median home prices, home price growth and affordability, as well as the percentage of Millennials living in the metro area and their share of all age groups moving to the area. Median home prices data is for the first quarter of 2014, while job growth figures are for the 12 months through May 2014.